Hi, Have a home in poland that im thinking about selling. How would i get the money from the sale of this home to the USA -paying very little or nothing? any ideas? Thanks to all!
Selling in poland, how do i get money to USA paying little or no taxes?
It all depends how many years you have owned this home. After five years (I think) there is very little (if any) tax to pay - someone may correct me on this.
Unless you absolutely and desperately need the cash, consider renting it out. Prices of houses will go up in the future and the best time to sell is when they're at the highest, which is not now, when prices are at their lowest.
Unless you absolutely and desperately need the cash, consider renting it out. Prices of houses will go up in the future and the best time to sell is when they're at the highest, which is not now, when prices are at their lowest.
polishmeknob 5 | 154
19 Jul 2009 / #3
Get it in cash and sew it into the liner of your suitcase or coat.
Or do a money transfer (through a Western Union.)
Or do a money transfer (through a Western Union.)
magdalenaG 2 | 67
19 Jul 2009 / #4
It all depends how many years you have owned this home. After five years (I think) there is very little (if any) tax to pay - someone may correct me on this.
You must hold property for five full tax years in order to avoid paying CGT or sales tax as it was up until end 2006.
Alternative is to register the property as your family home ( you can still rent it out) & by doing this you only need to hold it for 1 year in order to avoid paying CGT .
yurek
20 Jul 2009 / #5
This is not the best time to sell real estate anywhere now. If you sell a home here in Poland, there is a good chance you will get 150,000 zloty. Probably much more. Homes are more expansive in Poland these days than in some parts of US. That's the min. to become a Premier client at HSBC in Poland. Than become HSBC client in USA and transfer money whenever you need. (first,exchange from PLN to USD , you can have both accounts)
Get it in cash and sew it into the liner of your suitcase or coat.
get the money from the sale of this home to the USA -paying very little
Once in the US, (if you want to put it in the bank), deposit under 10k, otherwise it is automatically reported.
Personally, I'm a cash person. Nothing illegal, but I like my privacy..!
Funny story: I like keeping hundred dollar bills. I fold them in half until I have a 1k and just keep going.. I literally, did it until I had 100k. I wanted to buy some real estate. I went to my mortgage broker and I jokingly told her I had this money under my mattress. "Mattress Money"....
if you're a US citizen, you will have to pay american capital gains taxes.
inkrakow
20 Jul 2009 / #8
also, check that the notary isn't obliged to charge witholding tax here.